South Korea's Finance Today recently published an article stating that China is embarking on setting up an automotive R&D center in Southeast Asia. The center will be set up in Thailand, a major automotive manufacturing base in Southeast Asia.
The CATARC office in Thailand will be the fourth after Germany, Switzerland and Japan. The main function of the office is to assist Chinese manufacturers in setting up new factories in a variety of ways, and these manufacturers are now dominant in the local electric vehicle market. Thailand** spokesperson Chai Vachalong recently announced the establishment of the representative office and detailed its core responsibilities.
Thailand aims to convert about one-third of the 2.5 million vehicles it produces annually to electric vehicles by 2030. To encourage more investment and the transition to electric vehicle production, various incentives have also been put in place. At present, Thailand** provides subsidies of up to 150,000 baht (about 30,000 yuan) for electric vehicles. Thanks to these incentives, Thailand's domestic EV sales accounted for about half of the Southeast Asian market in the second quarter of this year.
In addition, Thailand** also provides a variety of preferential tax policies for foreign-funded enterprises, attracting Chinese automakers such as BYD and Great Wall to set up factories in the country. Chinese auto brands now account for 80% of Thailand's electric vehicle market share, and BYD and Great Wall have also announced plans to invest 14US$400 million to expand production capacity locally.
Meanwhile, Tesla, a global leader in electric vehicles, is also considering building a local factory in Thailand. Thai Prime Minister Saita Thazin said he had shown the industrial property to Tesla's management for potential investment. Thailand, the largest automaker and exporter in Southeast Asia, has long dominated the internal combustion engine vehicle market by Japanese automakers such as Toyota and Isuzu.
Thailand is fast becoming an important hub for Southeast Asia's electric vehicle industry with increased investment by Chinese companies such as BYD and Great Wall, as well as active policy support from Thailand**. In addition, the focus of international giants such as Tesla on the Thai market is further proof of this.
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Thailand**'s strategy is not only to shift to electric vehicle production, but also to actively drive the transformation of the entire automotive ecosystem. For example, investment is being made in the construction of EV charging infrastructure to support the growing EV user base. These efforts include establishing a nationwide network of charging stations and promoting the installation of charging facilities in residential and commercial buildings.
These initiatives in Thailand have attracted investors and manufacturers from all over the world. In addition to EV manufacturing, Thailand is also committed to developing the EV component industry, such as key technologies such as batteries and electric drive systems. These efforts will help further strengthen Thailand's position in the global EV value chain.
Thailand is fast becoming an important international node for the electric vehicle industry, which not only helps to drive the growth of the local economy, but also provides a paradigm for the transformation of the global automotive industry. With the continued growth of the electric vehicle market and the continuous advancement of technology, Thailand is expected to play an even more important role in the global electric vehicle industry in the coming years.